Servicers Will Meet ‘Each and Every’ Standard in $25B Foreclosure Settlement
Servicers Will Meet ‘Each and Every’ Standard in $25B Settlement The first real test of the $25 billion mortgage settlement comes Tuesday, when the nation’s largest servicers must reveal their progress. That’s the deadline for the five companies—Ally, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo—to certify that they are complying with 304 servicing … Read more
Former IRS Examiner, Dennis Lerner, Charged With Leaking Whistleblower’s Name To Big Bank Target
Former IRS Examiner Charged With Leaking Whistleblower’s Name To Big Bank Target A former Internal Revenue Service examiner was arrested today at his home in Edgewater, N.J. on charges that he illegally leaked the name of a confidential tax whistleblower to an executive of the same bank that was the whistleblower’s target—a bank that allegedly … Read more
St. Louis County Judge, Brenda Stith Loftin, Sides with Banksters, Blocks New Foreclosure Ordinance Requiring Mediation
St. Louis County judge blocks new foreclosure ordinance CLAYTON • A St. Louis County Circuit Court judge on Thursday blocked the county from implementing a new ordinance that requires banks to participate in formal mediation before foreclosing on county residents. Associate Circuit Judge Brenda Stith Loftin granted a temporary restraining order at the request of … Read more
REPORT | Banking on Immigrant Detention – Wells Fargo’s Ties to the Private Prison Industry
Banking on Immigrant Detention – Wells Fargo’s Ties to the Private Prison Industry Executive Summary Private prison operators are profiting from the deepening immigration crisis in the United States. Companies like CCA and GEO Group have seen steady growth due to the countryʼs policy of locking up immigrants in privately-managed detention facilities. These companies have … Read more
George Mantor | The 47% and Those Who Love Them Anyway
The 47% and Those Who Love Them Anyway Whiners? You dare to call us whiners? Just because we need food, want a roof over our heads and not to go bankrupt if we get poisoned by big agra, injured on the job or wounded by one of your 1.25 billion hollow points? You’ll spend every … Read more
NY Times | The Rental Alternative to Foreclosure
The Rental Alternative to Foreclosure FOR homeowners who have been buffeted about by the foreclosure process, the suggestion that they willingly hand their deed to the lender and rent the home instead may only add insult to injury. But such an alternative to foreclosure — variously called “deed for lease” or “mortgage to lease” — … Read more
WaMu Appraisal Company, eAppraiseIT, Accused of Inflating Home Values, Settles with New York AG for $7.8 Million
WaMu appraisal company settles with New York * eAppraiseIT accused of inflating home appraisals * Agrees to pay $7.8 million to end lawsuit * eAppraiseIT now part of CoreLogic Inc * NY AG Schneiderman took case to trial * Schneiderman to bring new mortgage-related action soon By Karen Freifeld NEW YORK, Sept 27 (Reuters) – … Read more
Housing Was at the Root of the Great Depression, Too
Housing Was at the Root of the Great Depression, Too The U.S. economy slips into recession. The stock market takes a tumble as heady expectations for future growth cool. Interest rates fall as the Federal Reserve quickly trims the discount rate in hope of cushioning the business cycle. The low interest rate environment sets off … Read more
Bank of America Reaches $2.43 Billion Settlement in Merrill Lynch Acquisition-Related Class Action Litigation
Bank of America Reaches Settlement in Merrill Lynch Acquisition-Related Class Action Litigation Total Third-Quarter 2012 Litigation Expense Estimated to Be Approximately $1.6 Billion Litigation Expense, Valuation Adjustments for Improvement in the Company’s Credit Spreads and U.K. Tax Charge Are Expected to Negatively Impact EPS by Approximately $0.28 in Third Quarter 2012 CHARLOTTE – Bank of … Read more
Banks Trying to Move Past Robo-Signing
Banks trying to move past robo-signing A top bank official put his best foot forward in Fort Wayne a day after eligible Hoosiers learned they could join a national mortgage settlement. As part of the deal, more than 37,000 Indiana homeowners who were foreclosed on and subject to an error by a mortgage servicer between … Read more
Did Scott Brown Have Patient Zero of the Foreclosure Fraud/Robosigning Scandal, Lender Processing Services, as a Client?
Did Scott Brown Have Patient Zero of the Foreclosure Fraud/Robosigning Scandal, Lender Processing Services, as a Client? Established Naked Capitalism readers may have noticed that I’ve avoided commenting on the Elizabeth Warren/Scott Brown race in Massachusetts. That’s largely because this is a finance and economics blog, and aside from the fact that the Warren candidacy … Read more
